India 100 2023

The annual report on the most valuable and strongest Indian brands

Brand Finance India 100 2023

Indian Brands on a remarkable growth story!

  • Tata Group retains title of India’s most valuable brand, breaking US$25 billion brand value mark for first time.
  • Infosys retains 2nd position amid tough geo-political conditions in the IT Services industry.
  • Mahindra group powers ahead as the fastest growing brand amongst the top ten; Mahindra Auto among the fastest growing auto brands globally; Tech Mahindra has biggest jump in global rankings.
  • Luxury hotels giant Taj is India’s strongest brand second year in running, with Brand Strength Index score of 89.4 out of 100.
  • Raymond is fastest the growing brand, up 83.4%
  • Persistent Systems jumps 25 places, the most by any Indian brand.
  • Brands from Auto, Metals, Building Materials and Hospital sectors surge.
  • Royal Enfield, MRF Tyres, Mahindra Auto, TCS, Infosys, Amul, and Taj Hotels – all carrying Indian flag high in global sectoral rankings – among Top 5 globally.

Top 100 Indian brands show resilience among global turmoil

Amidst the post-pandemic landscape and geopolitical uncertainties, India's top 100 most valuable brands have collectively exhibited growth, with their total value approaching USD2 trillion since the last valuation on January 1, 2022, according to leading brand valuation consultancy, Brand Finance.

Every year, Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. Using publicly available data and information, over 250 Indian brands have been assessed to produce the Brand Finance India 100 2023 report. This report ranks the world’s top 100 most valuable and strongest Indian brands and also features sectoral analytics and top sectoral brands.

Tata Group breaks US$25 billion mark

Tata Group has retained its title of India’s most valuable brand and is accelerating ahead with double digit brand value growth (10.3%) to US$26.4 billion – the first time any Indian brand has surpassed this impressive brand value marker.

Tata Group is the only Indian brand to feature in the top 100 of the Brand Finance Global 500 2023 (gaining 7 ranks in 2023) – The annual ranking of the world’s top 500 most valuable brands.

Savio D’Souza, Director, Brand Finance, commented:

“Over the last 2 years, the Tata Group has undergone a significant strategic transformation, embracing digitalisation and harnessing the power of technology across its diverse portfolio. The group has long been a trailblazer in promoting community welfare and sustainability, setting an example even before it became a global buzzword. Notably, the Tata Group has achieved the remarkable feat of being ranked 49th globally in Sustainability Perceptions Value, according to our inaugural global Sustainability Perceptions Index, conducted earlier this year.”

Mahindra group rising rapidly, now among India’s top 10 most valuable brands

Mahindra group has leaped into the position as India’s 7th most valuable brand (up 15% to a Brand Value US$7 Billion). The Group performed exceptionally well last fiscal year with record profits crossing Rs 10,000 crore for the first time on revenues of 1,21,269 crore. Remarkable growth in its Auto business and sustained growth in group companies like IT Services and Financial Services has ensured that the Mahindra brand is a force to reckoned with. The Group is a top performer across several global industry rankings and assessments in Environmental, Social, and Governance (ESG).

Taj is India’s strongest brand

In addition to measuring overall brand value, Brand Finance also evaluates the relative strength of brands, based on factors such as marketing investment, familiarity, loyalty, staff satisfaction, and corporate reputation. Alongside revenue forecasts, brand strength is a crucial driver of brand value. According to these criteria Taj (brand value US$374 million) is India’s strongest brand, With Brand Strength Index (BSI) score of 89.4 out of 100 and a corresponding elite AAA brand strength rating.

Auto, Metals, Building Materials and Hospitality sectors on the rise

Brands in the Metals sector, such as Tata Steel, Hindalco and Vedanta have displayed remarkable growth off the back of a revival in infrastructure & greenfield investments in India over the past year. Mahindra Auto, Tata Motors and Maruti Suzuki have all clocked double digit brand value growth, driven by the impetus towards an electric revolution in India and the emergence of pent-up demand following the pandemic. Taj Hotels has also posted significant financial growth through organic and inorganic expansion of footprint.

Some standout performances from Indian brand value analytics:

  • Raymond: The most valuable clothing brand in India for 2023, Raymond has posted an incredible 83.2% rise in brand value to US$273 million. This increase in brand value helped the brand move up 55 spots to rank 94th in the India 100 ranking for 2023.

  • Mahindra & Mahindra (M&M): M&M (automobiles) has seen a brand value increase of 53.8% to US$3.6 billion, making it the fastest growing automobile brand in India and among the top 10 fastest growing auto brands globally for 2023. The company commands a revenue market share of 19.1% among SUV manufacturers, while its tractor division – the largest in the world – enjoys a 41.2% market dominance in India. The brand leads the light commercial vehicle (sub-3.5 tonne) category in the country. The company also announced its global vision for Born Electric vehicles last year and is preparing a big move into passenger EVs. M&M is the best-performing Indian auto stock of FY23.
  • Airlines: The Indian airline sector has been in flux over the last 3 years, with government divestment, cost pressures, competition, and a pent-up demand after a heavy lockdown. Indigo emerges as the most valuable airline brand with a brand value of US$832 million, ranked 45th in the India 100. Air India has displayed a remarkable recovery and gain in brand value with a robust 18% growth US$365 million.

Ajimon Francis, Managing Director, Brand Finance India, commented:

“For the past decade, brands from India have embraced the ‘Made in India’ tag with pride, actively contributing to their own brand building while simultaneously nurturing the nation's brand identity. As a result, formidable brands such as Tata, Infosys, SBI, Airtel, Reliance, Mahindra, Taj Hotels, L&T, Bajaj Auto, Aditya Birla, Tech Mahindra, MRF all continue to punch well above their weight on the Global stage.”